January 13, 2014

Doug Kass says he was wrong in 2013

Two years ago, my 2012 surprise list had an out-of-consensus positive tone to it, but 2013's list was noticeably downbeat relative to the general expectations.

I specifically called for a stock market top in early 2013, which couldn't have been further from last year's reality, as January proved to be the market's nadir. The S&P closed at its high on the last day of the year and exhibited its largest yearly advance since 1997. (I steadily increased my fair market value calculation throughout the year, and, at last count, I concluded that the S&P 500's fair market value was approximately 1645.)